Hi Siddarch
I am from India, Delhi.
I too am looking forward to moving to OZ, dunno how long would it take. Firstly, i am going thru a migration agent who is in Perth but is form india, its best that you go thru an agent since it keeps lot of headaches off. Some things are best when done with professional help. if you want i can give you teh agent's name.
Secondly, U can skip IELTS exam if you prove 5 years of continuous english study during your schooling/college. for that you wil have to get a letter form the school/college stating that your studies were english based. This is have heard from someone, i dont know how well it works.
Third, You do get points for your spouse, english language ability, work experience etc do add on to your points.
Fourth, Whenever you look for any job on the jobsites, the employers always prefer those who have a work permit. I dont think getting sponsorship is very easy.
Fifth, It is best to get a certification(in your case it would be ACS-Australian Computer society) and thn apply for the visa for permanent residency(PR). This entire process takes close to one and half year if things go smooth.

Hope this helps
Anj